USG vs. JEPQ

Last updated Aug 2, 2026

USG (USCF Gold Strategy Plus Income Fund) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - USG is a Gold fund actively managed by USCF, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. USG is actively managed, while JEPQ is passively managed. Over the past 3 years, USG returned 23.22%/yr vs 17.49%/yr for JEPQ. Their 0.11 correlation means their historical movements had little consistent relationship. USG charges 0.45%/yr vs 0.35%/yr for JEPQ.

Performance

USG vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Gold Strategy Plus Income Fund (USG) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USG achieves a -6.39% return, which is significantly lower than JEPQ's 6.05% return.

USG

• 1D: -1.62%
• 1M: -1.67%
• 6M: -14.31%
• YTD: -6.39%
• 1Y: 15.26%
• 3Y*: 23.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.97%

JEPQ

• 1D: 0.57%
• 1M: -1.92%
• 6M: 3.71%
• YTD: 6.05%
• 1Y: 19.59%
• 3Y*: 17.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	$439.89M	$417.31M	$422.49M
USG USCF Gold Strategy Plus Income Fund	$532.47K	$283.71K	$178.98K

USG vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USG USCF Gold Strategy Plus Income Fund	-6.39%	52.02%	23.70%	8.49%	-0.71%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	6.05%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between USG and JEPQ is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.11

The correlation between USG and JEPQ shifts across timeframes, from 0.11 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USG vs. JEPQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USG

USG Risk / Return Rank: 18
USG Sharpe Ratio Rank: 20
USG Sortino Ratio Rank: 19
USG Omega Ratio Rank: 24
USG Calmar Ratio Rank: 15
USG Martin Ratio Rank: 12

JEPQ

JEPQ Risk / Return Rank: 55
JEPQ Sharpe Ratio Rank: 50
JEPQ Sortino Ratio Rank: 48
JEPQ Omega Ratio Rank: 52
JEPQ Calmar Ratio Rank: 58
JEPQ Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USG vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Gold Strategy Plus Income Fund (USG) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	USG	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.22	-0.50
Sortino ratio: Return per unit of downside risk	1.06	1.72	-0.66
Omega ratio: Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio: Return relative to maximum drawdown	0.72	2.02	-1.30
Martin ratio: Return relative to average drawdown	1.61	8.30	-6.69

USG vs. JEPQ - Sharpe Ratio Comparison

The current USG Sharpe Ratio is 0.72, which is lower than the JEPQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of USG and JEPQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USG vs. JEPQ - Drawdown Comparison

The maximum USG drawdown since its inception was -24.86%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for USG and JEPQ.

Drawdown Indicators

	USG	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.86%	-20.07%	-4.79%
Max Drawdown (1Y) Largest decline over 1 year	-24.86%	-8.82%	-16.04%
Max Drawdown (3Y) Largest decline over 3 years	-24.86%	-20.07%	-4.79%
Current Drawdown Current decline from peak	-23.51%	-4.23%	-19.28%
Average Drawdown Average peak-to-trough decline	-4.94%	-3.38%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.10%	2.14%	+8.96%

Volatility

USG vs. JEPQ - Volatility Comparison

USCF Gold Strategy Plus Income Fund (USG) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) have volatilities of 6.20% and 6.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USG	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	6.09%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	12.15%	+9.70%
Volatility (1Y) Calculated over the trailing 1-year period	24.85%	14.65%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.24%	16.90%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	16.90%	-0.66%

USG vs. JEPQ - Expense Ratio Comparison

USG has a 0.45% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

USG vs. JEPQ - Dividend Comparison

USG's dividend yield for the trailing twelve months is around 29.77%, more than JEPQ's 10.75% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.99%	10.53%	9.65%	10.03%	9.44%
USG USCF Gold Strategy Plus Income Fund	29.77%	27.33%	7.48%	8.16%	2.85%

Frequently Asked Questions

Can I hold both USG and JEPQ in my portfolio?

USG and JEPQ have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USG or JEPQ?

USG has higher volatility (6.20%) compared to JEPQ (6.09%). In terms of maximum drawdown, USG dropped -24.86% vs JEPQ's -20.07%.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.22 vs 0.72), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.